Petrobras Crude Production Hits Record 14.1% Year-Over-Year Growth

Brazil's state-run oil firm Petrobras reported record total oil and gas production of 3.34 million barrels of oil equivalent per day (boed) in the second quarter, up 14.1% from a year earlier and 3.4% from the first quarter.

The increase was driven by improved efficiency at key FPSO facilities, including Maria Quitéria and Alexandre de Gusmão, as well as the start-up of new production wells in both the Campos and Santos Basins.

Petrobras also reported higher exports to about 1 million barrels per day (bpd) while crude oil imports fell to 89,000 bpd, the lowest level since the pandemic.